Cryptocurrency

Arsenal2019

jimjames said:

Arsenal2019 said:

Adyinvestment said:

Arsenal2019 said:

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

I would suggest eTorro is very good for new investors and has come on along way recently with coin offerings/wallet etc

Your last paragraph suggests a lot more research is needed, although in everyday terms it behaves very similar to an individual stock where the price will go up and down and you will gain or lose that amount. One big difference between crypto and stocks are that stocks are regulated and you are very safe (not in relation to price), whereas crypto is not and you have no legal fall back if something goes wrong.

How often do things go wrong/bad in the crypto world?

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?

Thanks 

1) Fairly frequently if you listen to the news
2) I'd say S&S would be a better option for someone with small amounts to start with. Crypto has no intrinsic value unlike a company

Yes- it appears as though you’re right. All I’ve done today is look at forums / YouTube / articles and it appears as tho S&S will be better for me.
Just bought a book (beginners guide)

webnibbler

Arsenal2019 said:

Yes- it appears as though you’re right. All I’ve done today is look at forums / YouTube / articles and it appears as tho S&S will be better for me.
Just bought a book (beginners guide)

Don't want to sound patronising, but well done for acknowledging you need to start at the beginning. As others have said crypto should really only be considered once you've got a solid foundation in understanding "traditional" personal finance.

Can highly recommend the Meaningful Money podcast which is UK focussed and covers starting out in S&S ISAs, investing and pensions etc. He also has a YouTube channel.

tebbins

ar73n3 said:

Hi I recommend Coinbase if you want to start investing in crypto.
Below is the link to join and you will get $10 free of Bitcoin crypto as a new member with a minimum transaction of $100.

I invested £200 in November 2017 and so far my investment is worth £1500. Not bad for a starter . At least its more than what you would get if you put in ISA. Start small and rule of the thumbs are:
dont buy when the price is rising and dont sell when the price is falling. Good luck!

@Alexland )

Please don't post referral links or nonsensical advice such as a binary buy/sell formula or make unsubstantiated promises about future returns of an extremely volatile, unregulated asset with unknowable future behaviour propped up entirely on faith (literally just a new fiat currency).

adam06_2

I suggest you start with a stocks and shares ISA with vanguard and invest in global funds or ETFs. Basically they will contain shares in many companies all over the world, which reduces your risk and means you don't need to know as much about the stock market and if you set it up to put money in each month, you don't need to do anything. Fees are low and will be automatically taken from your investment money. This is a good way to get started investing while you research how things work. Most of my invested money is in vanguard funds.

While that is happening, you can then research on crypto. Crypto has cycles.. currently we are in the mid to end of a bull cycle which means everything has been going up a lot... But we suspect sometime in the next 6 months it will switch to a bear cycle which will start with a large crash (more than 50%) and will remain low for a few years before then next bull cycle starts.

Ideally you want to invest in the bear market/ early bull market and sell in the late bull market.. if you don't sell in time it's not a massive deal as you have brought in low. If you invest now in the mid to end of the current bull market you could lose more than 50% tomorrow if the crash comes and it not recover for 3-4years. (Look into bitcoin halving, which historically happens just before the bull market begins)

The other option is the just put a bit in each month and not try to time the markets.

The crypto and stock market is full of scams and as someone with little knowledge, you are a prime target.. so make sure you do your research and check multiple sources.